On Monday, Hut 8 Mining Corp, a Bitcoin mining company, published its Bitcoin (“BTC”) production and miner installation updates for May 2022.
Hut 8 improved its Bitcoin holdings in the period that ended May 31. Last week on Thursday, the mining firm announced that it started operations in its third mining facility at its North Bay site in Ontario, Canada. In late May, the company began testing its North Bay facility and started operating on 15 MW of power on June 2, adding approximately 400 PH/s to its operating capacity.
According to the report, Hut 8 mined 309 Bitcoins in May, hitting an average production rate of 10 Bitcoin per day. The firm decided to hold on to all of its self-mined Bitcoins in line with its long-standing HODL strategy.
As of May 31, Hut 8 said that it has a total of 7,078 BTC held on its balance sheet and installed an operating capacity of 2.64 exahash per second. Its Ethereum mining constituted about 14% of its total production, the company mentioned.
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